ASIC Takes Action Against Auto & General Insurance for Unfair Contract Terms – How Get My Refund Can Help
The Australian Securities and Investments Commission (ASIC) recently sued Auto & General Insurance Company, alleging that the company used unfair contract terms in its insurance policies. ASIC’s action highlights the importance of being aware of your rights as a consumer and understanding the terms of any contracts you sign. It also emphasizes the need for […]
How you could be one of millions of Australians owed their share of billions of dollars in Junk Insurance Refund
You may have recently seen Get My Refund on A Current Affair – shining a light on how 2.7 million Australians are eligible for a share in billions of dollars worth of refunds following a finding in the banking royal commission. We were interviewed as a result of the work we’ve done to get consumers […]
What is the meaning of Novated Leasing and Salary Sacrifice?
If you’re unsure of the meaning of Novated Leasing or Salary Sacrifice, it’s a three-way finance arrangement between you, your employer and the lease company, which is usually at your employer’s choice. A Novated Lease agreement or Salary Sacrifice agreement means the employer is responsible for an employee’s car lease payments, using a portion of […]
Buy now and pay the price later…
Buy Now Pay Later (BNPL) services are skating on thin regulatory ice and tightening of laws could bring the party to an end. Carly Woods, founder of junk insurance and irresponsible lending refund business Get My Refund, talks about why BNPL could face a major shake up and lead to a new wave of refunds. […]
Compensation Available from Australian Banks & Financial Institutions After ASIC Review
As seen on 7 News, Billions of dollars in compensation have recently been made available by some of Australia’s largest banks and financial institutions, after the Australian Securities & Investment Commission (ASIC) discovered millions of customers had ‘suffered loss or detriment because of fees-for-no-service misconduct or non-compliant advice’. As a result, approximately $3.15 billion has […]
What the Corporations Amendment (Improving Outcomes for Litigation Funding Participants) Bill 2021 Means for You
In December 2020, a report was placed by the Parliamentary Joint Committee on Corporations and Financial Services. This report detailed serious concerns around both the litigation funding and overall regulation of the class action industry. There was a view that litigation funders did not need to meet enough regulatory requirements, leading to them receiving proceeds […]
ASIC Is Seeking Feedback on Intervention Orders for Short Term & Continuing Credit Contracts – Here’s Why
Royal Commissions, class-actions, first-hand accounts from consumers wronged by companies placing profits over service – the evidence continues to mount on the ongoing misconduct of credit, insurance and banking organisations across Australia. Now, the latest story is that ASIC is seeking feedback from stakeholders on proposed short-term credit and continuing credit contracts. Published via the […]
New ASIC Regulatory Guidelines & Deferred Sales Model for Add-On Insurance
In further revolutionary changes to the insurance industry after the Financial Services Royal Commission final report, the Australian Securities and Investments Commission (ASIC) has recently released a brand-new regulatory guide (RG 275), as well as publishing ASIC (Information under the Deferred Sales Model for Add-On Insurance) Instrument 2021/632. Within this publication, insurance providers have received […]
What You Need to Know About Changes in Fee Consent and Lack of Independence Regulations
In recent years, financial advisory firms have been under scrutiny for harming their customer bases in a variety of ways, including fees for no service and providing inadequate guidance, especially in circumstances where a conflict of interest exists between advisers and their clients’ best interests. A Royal Commission into these activities has introduced new recommendations […]
Can I Claim a Lenders Mortgage Insurance Refund for Existing or Expired Home Loans?
Applying for a home loan can be a time-consuming and often unpredictable process. This rings especially true when you have to borrow more than 80% of the home’s value. In that scenario, you’ll have to purchase Lenders Mortgage Insurance (LMI.) However, most future homeowners don’t realise that they could be eligible for a partial LMI […]